Kuwait Airways privatisation update

By TESTCustomwebLP TESTCustomwebLP
June 10, 2015 14:29

Kuwait’s government has approved a new structure for the privatisation of Kuwait Airways under which the state will own 75% of the carrier. Under the new proposal, approved by Transport Minister Issa Al-Kandari, 20% of the airline’s shares will be offered to Kuwaiti citizens, 5% to current and retired employees, and the government will retain the rest, a statement on Kuwait’s news agency (KUNA) website said. The Kuwaiti Parliament’s Financial and Economic Committee will meet to vote on the approved proposal before it is finalised. Jazeera Airways said it filed an interest to acquire 35% stake in the state-owned carrier at the end of May 2015 – that now seems to be out of the question as the new proposal would exclude domestic carrier competitors, such as Jazeera Airways as potential bidders.